For 2017, Mathew, a single individual with no dependents, receives income of $63

Question

For 2017, Mathew, a single individual with no dependents, receives income of $63,000 and incurs deductible expenses of $10,500 Cick the con to view the standard deduction and personal and dependency exemption amounts) a. What is Mathew's taxable income assuming that the expenses are deductions for AGI? b. What is Mathew's taxable income assuming that the expenses are miscelaneous cemized deductions from AGI? Requirement a. What is Mathew's taxable income assuming that the expenses are deducbons for AGI? Select the labels and cakulate Mathew's taxable income assuming that the expenses are deductions for AGI. f a box is not used in the table leave the box empty, do not select a label and do nat enter a zero.) Minus: Adjusted gross IcomO Minus: Taxabie income Requirement b. What is Mathew's taxable income assuming that the expenses are miscellaneous itemized deductions from AGI? Select the tabers and calculate Mathew's taxable income assuming that the expenses are miscellareous itemized deduztions from AGI. (If a box is not used in the table leave the box empty, do not select a label and do not enter a zero.) Minus Adjusted gross income Minus Taxable income

Explanation / Answer

ans Gross Income $63,000 Less: Deductible expenses 10500 Adjusted Gross Income $52,500 Less: standard deduction 6350 Personal exemption $4,050 Taxable Income $42,100 ans b Gross Income $63,000 Less: Deductible expenses 0 Adjusted Gross Income $63,000 Less: standard deduction or item wize deduction whichever is higher 9240 Personal exemption $4,050 Taxable Income $49,710 Itemwize deduction 9240 10500-(63000*2%) As the label options are not available I have entered as per the the generic way. If any doubt please comment

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